12:59 AM,
Sep. 23, 2013

Written by

Beth Gitlin
Ask a Business Exppert

Question: At what point do I need to consider diversifying my customer base?

Answer: As soon as you start your business and develop a business plan, you should build a diversification strategy into your business development goals. Too often, I speak with small businesses that search for assistance in ways to keep their businesses open after a very large customer has decided to centralize its procurement process, or perhaps the top management has decided to cut costs, and the only way to do this is to go with a larger service provider or vendor who can provide goods or services at a reduced rate.